Find the Best Stock Broker 2017
Our goal is to help you find the best stock broker for your needs, and to that end, our team has spent over 300 hours reviewing the top online brokerages. We consider how each stock broker stacks up against the most important factors for investors, evaluating over 15 criteria before assigning each broker a rating or making a recommendation. Our selections are all online brokers due to their low cost and convenience, and we’ve included several robo-advisors for investors who want managed portfolios.
You will find the internet has many online brokers to choose from. But before choosing an online broker, you will want to make sure they have very low stock trading fees and option contractual fees. Most online brokerage firms will charge between $7.95 and $9.95 per trade. For someone who makes trades on a regular basis, these fees will add up to a lot. You’d be better off with a broker that only charges $4.95 per trade. Of course, there aren’t too many licensed online brokerages out there that only charge this much.
No matter if you are a novice investor or experienced investor, Ally Invest has what you need to start your investing endeavors. All you need to do is spend a few minutes to create a new brokerage account and then get started.
Open an Ally Invest Account
The entire process of opening an online brokerage account should take you about 15 minutes or less. For example, if you were to visit the Ally Invest brokerage website at https://ally.com/invest you will immediately see a button in the middle of the page which states “Open Account.” Just click that button to start the brokerage account opening process.
Ally Invest gives you two account options to choose from. You can have a Self-Directed Trading account or an Ally Invest Managed Portfolios account.
- A Self-Directed Trading account is suitable for investors that want to have total control over their own asset portfolios. If you feel that you’re experienced or confident enough to buy stocks or ETFs on your own, then this is the account you should open. There are free online tools that account holders can use to help them make the right investment choices. The fee for trading stocks and ETFs is only $4.95 per transaction.
- An Ally Invest Managed Portfolios option is designed specifically for those who are new to investing and aren’t quite sure which investments to make with their money. Ally investing professionals will help you reach your investment goals, saving you time and ensuring that you aren’t taking unnecessary risks. The advisory fee is only 0.3% of your account balance, which is hardly anything.
After you have selected which type of brokerage account you want, you will then be brought to a form page to begin filling in your information. Be prepared to submit personal information such as your social security number, bank account information, name, address, birthdate and so on. If you selected a self-directed account, there is no minimum deposit required to open it. But if you choose an Ally Investment Managed Portfolios account, then you need to invest at least $2,500.
Once your online application has been submitted, it should get approved in a matter of minutes. The online brokerage firm’s computer system analyzes the information you submitted and pre-approves your account right away. You may expect a representative from Ally Invest to give you a call afterward and confirm your account. After that, you’re all set.